Naira Gains Against Dollar On Trump’s Inauguration Day

The naira showed signs of recovery against the dollar in the parallel market on Monday, appreciating by 0.9 percent.

This development coincided with U.S. President-elect Donald Trump preparing for his inauguration after his November 2024 electoral victory.

In the black market, the naira gained strength, with the dollar trading at ₦1,665 on Monday, an improvement from ₦1,680 recorded on Friday. However, in the official Nigerian Foreign Exchange Market (NFEM), the naira’s performance was less favorable. It depreciated slightly by 0.2 percent, with the dollar quoted at ₦1,551 on Monday compared to ₦1,548 on Friday. Reports from authorized currency dealers indicated the highest dollar rate at ₦1,551.50, a slight drop from ₦1,552 the previous trading day. The lowest rate recorded in the market was ₦1,545, compared to ₦1,540.20 on the prior trading day.

Aminu Gwadabe, president of the Association of Bureaux De Change Operators of Nigeria (ABCON), expressed concerns about the possible effects of Trump’s policies on Nigeria’s foreign exchange inflows. “President Trump is an unpredictable person and not a believer in Africa,” Gwadabe remarked.

He also highlighted Trump’s plan to implement an executive order for large-scale deportation of residents from the Diaspora, which could have serious repercussions for Nigeria. “The Diasporas are the lifeline of many families back home. If this deportation policy is enforced, it will significantly reduce the inflow of remittances from abroad and increase pressure on our exchange rate stability,” he warned.

To address these risks, Gwadabe emphasized the need for Nigeria to diversify its sources of foreign exchange inflows, reducing dependence on limited channels to sustain economic stability.
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